351–360 of 790 posts
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Also turns out that "decentralized" in practice means "centralized"
Nobody forces you to use Binance or FTX. I have been using Bitcoin for 10 years and I've always stored more 90% of my BTC in my own self-custody wallet, only used exchanges briefly.
Some more background: the companies were engaged in fighting over regulations, and on a personal basis between the 2 CEOs. It went down to really childish levels at some point. But one thing is undeniable: SBF (FTX CEO) was trying to weaponize US regulation against his biggest rival CZ (Binance CEO). CZ retaliated by selling the FTT token, exposed the fact FTX was over-leveraged, and took over. This is, as the kids o…
For those not up to date on crypto people, SBF is Sam Bankman-Fried [1] and CZ is Changpeng Zhao [2]. I don't know why they insist on being called by their initials like they're some sort of ticker symbol. [1] https://en.wikipedia.org/wiki/Sam_Bankman-Fried [2] https://en.wikipedia.org/wiki/Changpeng_Zhao
Source: me referring to one of them in conversation a lot with no incentive to kowtow to his preferred branding.
This piece on Alameda Research (also owner by SBF) was on HN a few days ago. It might end up being quite insightful... https://dirtybubblemedia.substack.com/p/is-alameda-research-...
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Why not both? Centralized where people trust, decentralized where people don't trust. In my interpretation, the Bitcoin white paper states that BTC is an answer to _the lack of regulation_ that allowed the fat cats to abuse the money supplies. It's kind of ironic, but to see crypto as purely anarchistic is to ignore that it is essentially _democratized_ money. Both: I use exchanges as well as cold storage.
I never understood. Where's the democracy here, exactly? A regular user cannot afford to participate in the decision making of the system in any meaningful way. In fact, today, most users don't even directly use it, instead relying on processors such as Coinbase. The "not your keys, not your coins" meme exists due to this. The original paper described a democratic system where people voted with their processors, but…
It is not democratic as in "you have a vote to force others to comply to the majority", but more a democratic in "you can try to convince enough people that the major chain becomes how you like it, while the others run a minority fork".
People think "where the money goes, is where the miners go", but the blocksize wars showed that "where the users go, is where the miners go". Miners themselves don't decide on bitcoin rules, users do.
So I personally think that bitcoin is not necessarily democratic, but still highly people/community vs money driven.
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Indeed, all Bitcoin blocks today are full. There is no physical possibility to withdraw all those funds. That's why Binance must implement Lightning deposits/withdrawals, like Kraken did.
Adding L2 chains to this equation dumps the frying pan into the fire. We don't need more points-of-failure, it's bad enough as-is.
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I'm not a business masquerading as a bank, lol.
Banks don't have cash on hand equal to assets either...
FTX CEO litterally said that in his tweet.
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Dare Obasanjo: https://twitter.com/Carnage4Life/status/1589867071693017088
Total unrelated but son of https://en.wikipedia.org/wiki/Olusegun_Obasanjo . Numero uno looter of Africa
If that tweeter has done something wrong in his life, then talk about it. But he didn't really have a choice on who birthed him.
From the wiki page:
> Some of his children were resentful that he gave them no special privileges and treated their mothers poorly.
All of these folks need to be in prison along with Andreeson Horowitz. All bloody crooks the lot of them. The largest ponzi scheme in the history of humanity and they wonder why the world is not getting better.
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Isn't FTT like FTX's own issuing tokens? It's like printing one's own money. But when the backing firm fails, the printed money is worthless, just like what LUNA issued by Terra had become.
Just went over the issues on the balance sheet of Alameda Research, which is SBF's trading company. Of the $14.6 billion assets Alameda manages, almost $6 billion is FTT based. Alameda has heavy investment in Solana, Serum, and other alt-coins. It looks like the drop in their value has lowered Alameda's asset balance. Alameda borrowed FTT tokens from FTX to put them as assets in the balance sheet to shore it up. The…
1) Lenders don’t care about the liability side?
2) How does “liquidity” differ from “loans” here? That is, when would they do this to achieve one but not the other?
I'm glad a big government supporter such as SBF is out of crypto leadership. Crypto is an anarchist experiment and it should remain that way
> Crypto is an anarchist experiment And, like every anarchist experiment before it, it failed. It continues to draw in new suckers every day, and that is a problem for society. It doesn't matter if you didn't cause the problem. Because you live in that society, you still have to pay the cost to fix it or continue to take the losses from the problem existing. It's the same with slavery, not educating blacks, and then…
The Internet's still around, buddy.